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Black Creek Wisconsin Auto InsuranceHelpful links and resources for finding a auto insurance in Black Creek, Wisconsin. Black Creek, Wisconsin Legal Directory; We're here to help you find insurance in Black Creek, Wisconsin. |
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Insurance Information
Mail Order Insurer
Type of insurance company that sells policies through the mail or other mass media, eliminating need for agents.
Manual Rate
A loose-leaf manual, periodically updated or revised, that contains rules, rates and other information prepared by an insurance company or rating bureau to develop premiums for insurance policies. Hard-copy manuals have been supplemented or replaced by electronic data (CD-ROMs, computer disks, electronic networks).
Manuscript Policy
An insurance policy designed or tailored for a large commercial insured; a unique coverage written at the request of a broker or a risk manager.
Marital deduction
A reduction of an estate for estate tax purposes, which is available if the decedent is survived by his or her spouse, can be as large as the administrator or executor elects so long as it does not exceed the value of qualifying property passing to the surviving spouse.
Market Price
The price at which a security can be bought or sold at any particular time.
Master Policy
An original, complete insurance policy contract that is issued by an insurer with the understanding that certificates of insurance or underlying policies will be issued to others; for example, a master group health policy is issued to an employer while certificates are given to the employees. A master policy and underlying policies may be issued to a property owner to comply with requirements of a mortgage holder.
Material Damage
Insurance against damage to a vehicle itself. It includes automobile comprehensive, collision, fire and theft. Material damage and physical damage are terms that often are used inter- changeably.
Maximum family benefit
The largest amount in Social Security benefits that will be paid to any family unit.
McCarran-Ferguson Act
Federal legislation (U.S. Code Title 15, Chapter 20) enacted in 1945 to permit the states to continue regulating the insurance business after the Supreme Court, in U.S. v. South-Eastern Underwriters Association, overruled the decision in Paul v. Virginia, declaring insurance to be interstate commerce and therefore within Congress's constitutional authority to regulate. Under the Act, insurance is exempt from some federal antitrust statutes to the extent that it is regulated by the states. The exemption primarily applies to gathering data in concert for the purpose of ratemaking. Otherwise, antitrust laws prohibit insurers from boycotting, acting coercively, restraining trade, or violating the Sherman or Clayton Acts.
Medicaid
A state medical benefit program for persons, regardless of age, whose income and resources are insufficient to pay for health care. As of January 1, 1966, federal matching funds were provided to the states under Title XIX of the Social Security Act.
Medical Examination
The examination given by a qualified physician to determine to the insurability of an applicant. A medical examination may also be used to determine whether an insured claiming disability is actually disabled.
Medical Payments Insurance
A coverage, available in various liability insurance policies, in which their insurer agrees to reimburse the insured and others, without regard for the insured's liability, for medical or funeral expenses incurred as the result of bodily injury or death by accident under specified conditions.
Medicare
A federally administered program of hospital insurance (Part A) and supplementary medical insurance (Part B) primarily for people over 65, created by 1965 amendments to the Social Security Act. It also covers people of any age with permanent kidney failure and certain other disabilities. The Health Care Financing Administration in the U.S. Department of Health and Human Services reimburses hospitals and physicians for services to qualified patients. Part A (hospital insurance) coverage is automatic for all eligible people and is financed by a payroll tax on employers and employees. Part B (supplementary medical insurance) is a voluntary program of government-subsidized insurance requiring participants to make premium payments.
Medigap
Private insurance purchased by Medicare participants on a voluntary basis that is designed to fill the gaps in Medicare, such as coinsurance, deductibles and noncovered services (e.g., hospital stays beyond a certain length).
Minimum Benefits
A provision that a minimum amount of annuity will be paid if the regular benefit formula produces less. This minimum is usually payable only if certain service requirements are met at retirement.
Minimum Group
The minimum number of persons required to form a group insurance program under state law; the minimum number that an insurance company requires to issue a group policy.
Miscellaneous Expenses
Expenses involving hospital care other than room, board and doctors' fees, such as lab tests, drugs and radiology. Most hospital policies limit coverage for these expenses by scheduling the amounts covered or combining them for a an aggregate limit.
Misrepresentation
A false, incorrect, improper, or incomplete statement of a material fact, made in the application for a policy.
Moral Hazard
Circumstances of morals or habits that increase the probability of a loss from an insured peril. Example: An insured previously convicted of arson.
Morbidity
The frequency of the incidence of disease, illness or sickness.
Morbidity Tables
A table showing the number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age.
Mortality Table
A table that indicates the number of individuals within a specified group of individuals (males, females, airline pilots, etc.), starting at a certain age, who are expected to be alive at succeeding ages. It is used to derive the "natural premium" for an individual life policy.
Motor Vehicle Records
The record maintained by a state motor vehicle department of a driver's accidents and traffic violations.
Motor Vehicle Report
Report that lists the moving violations and accidents that a driver has had in the past several years.
Multi-Peril Policy
A package policy which provides protection against a number of separate perils. Multi-peril policies are not necessarily multiple line policies, since the combined perils may be all within one insurance line.
Multiple Employer Trust (MET)
A legal trust formed by a health benefit plan sponsor to combine a number of small, unrelated employers for the purpose of providing group medical coverage on an insured or group self-insured basis.
Mutual Insurance Company
An insurance company that has no capital stock, but is owned by its policyholders, who elect a board of directors or trustees through whom business is conducted. Any earnings belong to the policyholders and may be distributed to them as policy dividends or educed premiums.
Mail Order Insurer
Type of insurance company that sells policies through the mail or other mass media, eliminating need for agents.
Manual Rate
A loose-leaf manual, periodically updated or revised, that contains rules, rates and other information prepared by an insurance company or rating bureau to develop premiums for insurance policies. Hard-copy manuals have been supplemented or replaced by electronic data (CD-ROMs, computer disks, electronic networks).
Manuscript Policy
An insurance policy designed or tailored for a large commercial insured; a unique coverage written at the request of a broker or a risk manager.
Marital deduction
A reduction of an estate for estate tax purposes, which is available if the decedent is survived by his or her spouse, can be as large as the administrator or executor elects so long as it does not exceed the value of qualifying property passing to the surviving spouse.
Market Price
The price at which a security can be bought or sold at any particular time.
Master Policy
An original, complete insurance policy contract that is issued by an insurer with the understanding that certificates of insurance or underlying policies will be issued to others; for example, a master group health policy is issued to an employer while certificates are given to the employees. A master policy and underlying policies may be issued to a property owner to comply with requirements of a mortgage holder.
Material Damage
Insurance against damage to a vehicle itself. It includes automobile comprehensive, collision, fire and theft. Material damage and physical damage are terms that often are used inter- changeably.
Maximum family benefit
The largest amount in Social Security benefits that will be paid to any family unit.
McCarran-Ferguson Act
Federal legislation (U.S. Code Title 15, Chapter 20) enacted in 1945 to permit the states to continue regulating the insurance business after the Supreme Court, in U.S. v. South-Eastern Underwriters Association, overruled the decision in Paul v. Virginia, declaring insurance to be interstate commerce and therefore within Congress's constitutional authority to regulate. Under the Act, insurance is exempt from some federal antitrust statutes to the extent that it is regulated by the states. The exemption primarily applies to gathering data in concert for the purpose of ratemaking. Otherwise, antitrust laws prohibit insurers from boycotting, acting coercively, restraining trade, or violating the Sherman or Clayton Acts.
Medicaid
A state medical benefit program for persons, regardless of age, whose income and resources are insufficient to pay for health care. As of January 1, 1966, federal matching funds were provided to the states under Title XIX of the Social Security Act.
Medical Examination
The examination given by a qualified physician to determine to the insurability of an applicant. A medical examination may also be used to determine whether an insured claiming disability is actually disabled.
Medical Payments Insurance
A coverage, available in various liability insurance policies, in which their insurer agrees to reimburse the insured and others, without regard for the insured's liability, for medical or funeral expenses incurred as the result of bodily injury or death by accident under specified conditions.
Medicare
A federally administered program of hospital insurance (Part A) and supplementary medical insurance (Part B) primarily for people over 65, created by 1965 amendments to the Social Security Act. It also covers people of any age with permanent kidney failure and certain other disabilities. The Health Care Financing Administration in the U.S. Department of Health and Human Services reimburses hospitals and physicians for services to qualified patients. Part A (hospital insurance) coverage is automatic for all eligible people and is financed by a payroll tax on employers and employees. Part B (supplementary medical insurance) is a voluntary program of government-subsidized insurance requiring participants to make premium payments.
Medigap
Private insurance purchased by Medicare participants on a voluntary basis that is designed to fill the gaps in Medicare, such as coinsurance, deductibles and noncovered services (e.g., hospital stays beyond a certain length).
Minimum Benefits
A provision that a minimum amount of annuity will be paid if the regular benefit formula produces less. This minimum is usually payable only if certain service requirements are met at retirement.
Minimum Group
The minimum number of persons required to form a group insurance program under state law; the minimum number that an insurance company requires to issue a group policy.
Miscellaneous Expenses
Expenses involving hospital care other than room, board and doctors' fees, such as lab tests, drugs and radiology. Most hospital policies limit coverage for these expenses by scheduling the amounts covered or combining them for a an aggregate limit.
Misrepresentation
A false, incorrect, improper, or incomplete statement of a material fact, made in the application for a policy.
Moral Hazard
Circumstances of morals or habits that increase the probability of a loss from an insured peril. Example: An insured previously convicted of arson.
Morbidity
The frequency of the incidence of disease, illness or sickness.
Morbidity Tables
A table showing the number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age.
Mortality Table
A table that indicates the number of individuals within a specified group of individuals (males, females, airline pilots, etc.), starting at a certain age, who are expected to be alive at succeeding ages. It is used to derive the "natural premium" for an individual life policy.
Motor Vehicle Records
The record maintained by a state motor vehicle department of a driver's accidents and traffic violations.
Motor Vehicle Report
Report that lists the moving violations and accidents that a driver has had in the past several years.
Multi-Peril Policy
A package policy which provides protection against a number of separate perils. Multi-peril policies are not necessarily multiple line policies, since the combined perils may be all within one insurance line.
Multiple Employer Trust (MET)
A legal trust formed by a health benefit plan sponsor to combine a number of small, unrelated employers for the purpose of providing group medical coverage on an insured or group self-insured basis.
Mutual Insurance Company
An insurance company that has no capital stock, but is owned by its policyholders, who elect a board of directors or trustees through whom business is conducted. Any earnings belong to the policyholders and may be distributed to them as policy dividends or educed premiums.
Insurance Information
Cancellation
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
Captive Agent
A licensed insurance agent who sells insurance for only one company.
Captive Insurance Company
A company owned solely or in large part by one or more non- insurance entities for the primary purpose of providing insurance coverage to the owner or owners.
Casualty Insurance
Insurance concerned with the insured's legal liability for injuries to others or damage to other persons' property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers' compensation.
Catastrophe
Event which causes a loss of extraordinary magnitude, involving a large number of people, such as a hurricane or tornado.
Cede
To transfer all or part of a risk written by an insurer (the ceding, or primary company) to a reinsurer.
Certificate of Insurance
A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the member.
Cession
Amount of the insurance ceded to a reinsurer by the original insuring company in a reinsurance operation.
Claim
A request for payment of a loss which may come under the terms of an insurance contract.
Claimant Vehicle
Vehicle owned or driven by another party involved in a loss.
Claims Adjuster
Person who investigates and/or settles claims - an agent, company adjuster, independent adjuster, adjustment bureau, or public adjuster
Class Factor
Class factors (also referred to as driver class factors) are based on the age of the driver and the usage of the vehicle. It is one of the main components used in rating auto policies. The factor is applied to the base rate and specific coverages.
Collision
A form of insurance protecting the insured against loss resulting from any damage to the insured's vehicle caused by collision with any object whether or not it was the insured's fault. Requires comprehensive coverage.
Collision for Rental Vehicle
Collision coverage, which may be purchased on liability only policies to cover rented vehicles. Coverage only available in state of Alaska.
Collision Full Glass
No deductible for glass damage resulting from a collision. Deductible applies to all other damage.
Collision Liability Buy Back
Available in Michigan, this coverage will pay the $500 that a Michigan resident is responsible for if they damage the property of another in an at fault accident.
Collision Waiver Deduction
Collision deductible would be waived ONLY if vehicle is damaged by an AT-FAULT uninsured motorist. Requires CL and UMBI. Coverage only available in state of California
Combined Ratio
Basically, a measure of the relationship between dollars spent for claims and expenses and premium dollars taken in; more specifically, the sum of the ratio of losses incurred to premiums earned and the ratio of commissions and expenses incurred to premiums written. A ratio above 100 means that for every premium dollar taken in, more than a dollar went for losses, expenses, and commissions.
Combined Single Limit
Liability limits that specify a single dollar amount for combined Bodily Injury and Property damage, without showing specific limits for each indiviudal coverage. For instance the combined single limit for the policy is $100,000. The individual coverages are not given specific limits and limited only by the aggregate amount of coverage.
Commercial Auto Insurance
Provides coverage to a business for losses that arise out of vehicles which are owned or used by the business.
Commercial General Liability Policy
Commercial liability policy drafted by the Insurance Services Office containing two coverage forms-an occurrence form and a claims-made form.
Commercial Lines
A general term for any type of insurance (property, casualty, health, life, etc.) purchased by businesses, organizations, institutions, governmental agencies or other commercial establishments to protect risks associated with their operations.
Commission
The part of an insurance premium paid by the insurer to an agent or broker for his services in procuring and servicing the insurance.
Commissioner
A state officer who administers the state's insurance laws and regulations. In some states, this regulator is called the director or superintendent of insurance.
Comparative Negligence
Under this concept a plaintiff (the person bringing suit) may recover damages even though there is contributory negligence. His or her recovery, however, is reduced by the amount or percent of that negligence.
Comprehensive
Loss caused by factors other than collision: ex. Missiles or falling objects; fire; theft or larceny; explosion or earthquake; windstorm; hail; water or flood; malicious mischief or vandalism; riot or civil commotion; contact with a bird or animal; or breakage of glass.
Comprehensive Full Glass
Comprehensive with no deductible for glass damage only. Deductible does apply to other comprehensive losses. In FL, CPG applies to windshield ONLY. Coverage not available in every state.
Comprehensive Personal Liability Insurance
Protection against loss arising out of legal liability to pay money for damage or injury to others for which the insured is responsible. It does not include automobile or business operation liabilities. Refers to the general liability (not auto related) exposures that accompany a person's non-business activities. For example, your dog bites someone or you hit someone with a golf ball. This coverage is generally available to our Fulltimers as a form of coverage to replace their Homeowner's Liability that they lose when they sell their house and RV Fulltime.
Comprehensive Rental Vehicle
Comprehensive coverage, which may be purchased on a liability-only policy to cover rented vehicles. Available only in AK.
Compulsory Auto Liability Insurance
Insurance laws in some states require motorists to carry at least certain minimum auto coverages.
Concealment
Deliberate failure of an applicant for insurance to reveal a material fact to the insurer.
Concurrent Causation
Legal doctrine that states when a property loss is due to two causes, one that is excluded and one that is covered, the policy provides coverage.
Consideration
One of the elements for a binding contract. Consideration is acceptance by the insurance company of the payment of the premium and the statement made by the prospective policyholder in the application.
Consumer Report
A variety of information about the consumer including, prior loss reports (PLR), motor vehicle reports (MVR), and credit score.
Contract
A binding agreement between two or more parties for the doing or not doing of certain things. A contract of insurance is embodied in a written document called the policy.
Contractual Liability
Legal liability of another party that the business firm agrees to assume by a written or oral contract to a declared limit.
Contribution by Equal Shares
Type of other-insurance provision often found in liability insurance contracts that requires each company to share equally in the loss until the share of each insurer equals the lowest limit of liability under any policy or until the full amount of loss is paid.
Contributory Negligence
Any negligence on the part of the plaintiff which contributed to the cause of the accident may bar the plaintiff from recovery against a negligent defendant, even if the defendant was more negligent than the plaintiff.
Coverage
The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
Credit Score
A number that is obtained from a credit bureau vendor. The number, which is also referred to as a score is the result of applying the consumers credit file information against a standard insurance industry model. The score does not enable anyone to determine specifically what information was in the consumer's credit file.
Cancellation
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
Captive Agent
A licensed insurance agent who sells insurance for only one company.
Captive Insurance Company
A company owned solely or in large part by one or more non- insurance entities for the primary purpose of providing insurance coverage to the owner or owners.
Casualty Insurance
Insurance concerned with the insured's legal liability for injuries to others or damage to other persons' property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers' compensation.
Catastrophe
Event which causes a loss of extraordinary magnitude, involving a large number of people, such as a hurricane or tornado.
Cede
To transfer all or part of a risk written by an insurer (the ceding, or primary company) to a reinsurer.
Certificate of Insurance
A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the member.
Cession
Amount of the insurance ceded to a reinsurer by the original insuring company in a reinsurance operation.
Claim
A request for payment of a loss which may come under the terms of an insurance contract.
Claimant Vehicle
Vehicle owned or driven by another party involved in a loss.
Claims Adjuster
Person who investigates and/or settles claims - an agent, company adjuster, independent adjuster, adjustment bureau, or public adjuster
Class Factor
Class factors (also referred to as driver class factors) are based on the age of the driver and the usage of the vehicle. It is one of the main components used in rating auto policies. The factor is applied to the base rate and specific coverages.
Collision
A form of insurance protecting the insured against loss resulting from any damage to the insured's vehicle caused by collision with any object whether or not it was the insured's fault. Requires comprehensive coverage.
Collision for Rental Vehicle
Collision coverage, which may be purchased on liability only policies to cover rented vehicles. Coverage only available in state of Alaska.
Collision Full Glass
No deductible for glass damage resulting from a collision. Deductible applies to all other damage.
Collision Liability Buy Back
Available in Michigan, this coverage will pay the $500 that a Michigan resident is responsible for if they damage the property of another in an at fault accident.
Collision Waiver Deduction
Collision deductible would be waived ONLY if vehicle is damaged by an AT-FAULT uninsured motorist. Requires CL and UMBI. Coverage only available in state of California
Combined Ratio
Basically, a measure of the relationship between dollars spent for claims and expenses and premium dollars taken in; more specifically, the sum of the ratio of losses incurred to premiums earned and the ratio of commissions and expenses incurred to premiums written. A ratio above 100 means that for every premium dollar taken in, more than a dollar went for losses, expenses, and commissions.
Combined Single Limit
Liability limits that specify a single dollar amount for combined Bodily Injury and Property damage, without showing specific limits for each indiviudal coverage. For instance the combined single limit for the policy is $100,000. The individual coverages are not given specific limits and limited only by the aggregate amount of coverage.
Commercial Auto Insurance
Provides coverage to a business for losses that arise out of vehicles which are owned or used by the business.
Commercial General Liability Policy
Commercial liability policy drafted by the Insurance Services Office containing two coverage forms-an occurrence form and a claims-made form.
Commercial Lines
A general term for any type of insurance (property, casualty, health, life, etc.) purchased by businesses, organizations, institutions, governmental agencies or other commercial establishments to protect risks associated with their operations.
Commission
The part of an insurance premium paid by the insurer to an agent or broker for his services in procuring and servicing the insurance.
Commissioner
A state officer who administers the state's insurance laws and regulations. In some states, this regulator is called the director or superintendent of insurance.
Comparative Negligence
Under this concept a plaintiff (the person bringing suit) may recover damages even though there is contributory negligence. His or her recovery, however, is reduced by the amount or percent of that negligence.
Comprehensive
Loss caused by factors other than collision: ex. Missiles or falling objects; fire; theft or larceny; explosion or earthquake; windstorm; hail; water or flood; malicious mischief or vandalism; riot or civil commotion; contact with a bird or animal; or breakage of glass.
Comprehensive Full Glass
Comprehensive with no deductible for glass damage only. Deductible does apply to other comprehensive losses. In FL, CPG applies to windshield ONLY. Coverage not available in every state.
Comprehensive Personal Liability Insurance
Protection against loss arising out of legal liability to pay money for damage or injury to others for which the insured is responsible. It does not include automobile or business operation liabilities. Refers to the general liability (not auto related) exposures that accompany a person's non-business activities. For example, your dog bites someone or you hit someone with a golf ball. This coverage is generally available to our Fulltimers as a form of coverage to replace their Homeowner's Liability that they lose when they sell their house and RV Fulltime.
Comprehensive Rental Vehicle
Comprehensive coverage, which may be purchased on a liability-only policy to cover rented vehicles. Available only in AK.
Compulsory Auto Liability Insurance
Insurance laws in some states require motorists to carry at least certain minimum auto coverages.
Concealment
Deliberate failure of an applicant for insurance to reveal a material fact to the insurer.
Concurrent Causation
Legal doctrine that states when a property loss is due to two causes, one that is excluded and one that is covered, the policy provides coverage.
Consideration
One of the elements for a binding contract. Consideration is acceptance by the insurance company of the payment of the premium and the statement made by the prospective policyholder in the application.
Consumer Report
A variety of information about the consumer including, prior loss reports (PLR), motor vehicle reports (MVR), and credit score.
Contract
A binding agreement between two or more parties for the doing or not doing of certain things. A contract of insurance is embodied in a written document called the policy.
Contractual Liability
Legal liability of another party that the business firm agrees to assume by a written or oral contract to a declared limit.
Contribution by Equal Shares
Type of other-insurance provision often found in liability insurance contracts that requires each company to share equally in the loss until the share of each insurer equals the lowest limit of liability under any policy or until the full amount of loss is paid.
Contributory Negligence
Any negligence on the part of the plaintiff which contributed to the cause of the accident may bar the plaintiff from recovery against a negligent defendant, even if the defendant was more negligent than the plaintiff.
Coverage
The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
Credit Score
A number that is obtained from a credit bureau vendor. The number, which is also referred to as a score is the result of applying the consumers credit file information against a standard insurance industry model. The score does not enable anyone to determine specifically what information was in the consumer's credit file.
Insurance Information (cont'd)
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
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